Portland General to Buy PacifiCorp’s Washington Assets for $1.9 Billion

Portland General Electric has struck a woody to bargain the wind, natural-gas procreation and organisation assets of Berkshire Hathaway’s PacifiCorp portion successful Washington authorities for $1.9 billion.

Portland General and PacifiCorp connected Tuesday said the woody includes 3 procreation facilities, 4,500 miles of transmission and organisation lines and section inferior operations crossed 2,700 quadrate miles that service astir 140,000 customers.

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Portland General presently serves astir 960,000 customers.

Portland General said it expects to concern up to $600 cardinal of the acquisition with equity commitments from Manulife Investment Management, the asset-management limb of Manulife Financial, which volition clasp a number involvement successful the Washington inferior business.

PacifiCorp is portion of Berkshire Hathaway Energy, the diversified vigor limb of Warren Buffett’s concern vehicle, and serves 2 cardinal customers successful six states, including California, Oregon and Washington.

The company, which Berkshire acquired successful 2006 for astir $5 billion, faces billions of dollars successful claims related to wildfires successful Oregon and California successful 2020 and 2022, and precocious past twelvemonth it warned that wildfire litigation could pb to a liquidity crunch.

PacifiCorp, said the merchantability is simply a captious measurement successful bolstering its fiscal presumption and simplifying its operations crossed its work area.

Portland General and PacifiCorp, some based successful Portland, Ore., said they expect the transaction volition to instrumentality up to a twelvemonth to finalize.

Write to Colin Kellaher astatine [email protected]

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